Lombard Odier Slapped with $3M Fine for Money Laundering Failures

A Geneva-based private bank, Lombard Odier, has been fined 3 million Swiss francs for failing to implement adequate measures to prevent money laundering.

The fine was handed down by the Federal Criminal Court in a case involving Gulnara Karimova, an Uzbek national who was considered the main defendant. However, due to the statute of limitations and her current imprisonment in Uzbekistan until 2028, the case against her has been dismissed.

A former asset manager at Lombard Odier was found guilty of money laundering and sentenced to a 24-month suspended prison term. The court also ordered the forfeiture of 400 million Swiss francs.